Quarterly analysis of the EO sector along with complete financial earnings reviews on four EO pacesetters: BlackSky, ISI, Planet, and Satrec Initiative.

Strong quarter. Industry revenues grew 22% y/y ex-Spire, reflecting resilient demand amid US budget uncertainty. Planet anchored the quarter with steady execution on D&I pipeline (+20% y/y), while ISI more than doubled on infra deliveries. Blacksky slipped 11% on contract timing, prompting a 12% guidance cut.

The road ahead: We see a step-up in H2 (up 18% vs H1) from backlog conversions and spot orders but believe the next sustained growth cycle will begin in 2026-27 once new capacity (Pelican and Gen-3) is deployed and recurring revenues begin to scale.

Earth Observation Financial Review 2025 Q2

SKU: QS-QF-2025-Q2-Earth_Observation

$1,000.00

September 22, 2025
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